36 local companies on Inc. 5000, led by rankings newcomer

Servos was founded in 2019 and is headquartered in Scott’s Addition. (Courtesy Servos)

A 5-year-old technology consultancy is the Richmond region’s fastest-growing company, according to Inc. Magazine. 

Servos, which provides technology support to the public sector and for-profit companies, was ranked at No. 99 on the annual Inc. 5000 list of fastest-growing companies in the United States. It’s the company’s first time on the list. 

Its revenue growth of 3,249% over the previous three years made Servos the highest ranked out of the 36 local companies on this year’s list, which was released Tuesday. That’s four more Richmond-area companies on the list than last year, the first such increase for the region since 2021. 

Focused on implementing software from California-based ServiceNow, Servos’ clients include governments ranging from the City of Raleigh, North Carolina, to the City of Reno, Nevada. One of its main offerings is ServosGov, which is used by the public sector.

The company was founded in 2019 and is led by CEO William Loving. It is headquartered on Altamont Avenue in Scott’s Addition. 

Will Loving

Loving, reached Tuesday, said he attributes Servos’ success to its use of ServiceNow, which has also experienced a rapid rate of growth. 

“It’s just been a real game-changer software platform that everybody’s adopting and moving away from other platforms like Salesforce and Microsoft,” Loving said. 

The COVID-19 pandemic hit just a year after launching Servos, but Loving said it allowed the company to focus on the public sector, where its services were most needed. 

He said that moving forward, he and other technology service leaders may face growth challenges from the upcoming election. But despite any future headwinds, he hopes to expand Servos’ Virginia presence.

“We’re excited to be headquartered in Richmond and are excited to hire more people in Richmond as we grow, so we can keep a big footprint in the state of Virginia,” he said.

Servos’ percentage growth was almost quadruple that of the second fastest-growing local company on this year’s list. 

Second among the local crop was Summit Human Capital, an IT staffing firm based in the city. Its three-year growth rate of 829% landed at the No. 536 spot this year. Summit was Richmond’s third fastest-growing company last year, at No. 310 and the region’s fastest-growing company in 2022 at No. 20. 

Inc. calculates the rankings based on revenue growth over the past three years. Companies must be independent, for-profit and privately held and have made $2 million of revenue in 2023 to be eligible to apply for the list. They also must have launched by March 31, 2020, and have generated at least $100,000 of revenue that year.

Business consultancy Top Line Growth Partners took the No. 607 spot, the third highest ranking in the region after clocking in a 749% three-year growth rate. It was the second fastest-growing local company last year, at the No. 290 spot. 

My Spectrum Counseling & Coaching topped the local rankings last year at No. 244, and earned the No. 1,514 spot overall this year. 

Overall in Virginia, 265 companies in the commonwealth made the list, 10 fewer than last year. Ashburn-based IT firm Blu Omega led the statewide pack at the No. 53 spot with a 5,218% three-year growth rate. 

The Richmond metro region has the second-highest number of fastest- growing companies in the state, following the Washington, D.C., area, which had 190 companies on the list.

Five of the 36 local companies on this year’s list were making their debut in the rankings: Servos, Transworld Business Advisors, Marketers in Demand, WebStrategies and A1 Door Company.

Topping the overall national list is Hoboken, New Jersey-based Vytalize Health, which grew 90,779% over the three years.

Here’s the local companies that made the list: